Property auctions grow in popularity

Property auctions are growing in popularity having become more open and transparent, according to new research.

The National Property Auction Index reveals that a 16 per cent increase in property was sold at auction in 2004 at the top 20 commercial and residential auctioneers.

Buyers are drawn to the simplicity of the process as deals are agreed on the day at property auctions.

Capitalising on the growing popularity of property auctions, the Royal Institute of Chartered Surveyors (RICS) has published a new guide to aid home owner occupiers, developers or investors.

'Going once, going twice, sold to...' provides inside information on the auction process from both buyers' and sellers' points of view, from checking guide prices to proxy or internet bidding.

Richard Auterac, chairman of RICS' real estate auction group, commented: "Properties on sale at auctions are usually available at a competitive price. Auctions also provide a platform for open and fair competition between bidders.

"Once the hammer comes down, neither the seller nor buyer can withdraw and the process is completed within a set time - with no danger of any link in the property chain breaking."

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